BIO Asks House Committee to extend critical tax provisions.April 30, 2012 -
BIO submitted statement to House Ways and Means Subcommittee on Select Revenue Measures for hearing on "Certain Expiring Tax Provisions." As written in his testimony, BIO President and CEO Jim Greenwood noted the "tremendous potential" of emerging technologies in advanced biofuels, renewable chemicals, and biobased products that are ready for commercial deployment, address U.S.-based challenges, but cannot secure needed capital for "first-of-a-kind biorefinery construction" without support.
BIO Asks House Committee on Ways and Means to Extend Critical Tax Provisions
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Biotechnology Industry Organization
1201 Maryland Ave., SW, Ste. 900
Washington, DC, 20024
Press release date: April 26, 2012
WASHINGTON--The Biotechnology Industry Organization (BIO) today submitted a statement for the record to the House Ways and Means Subcommittee on Select Revenue Measures for a hearing on "Certain Expiring Tax Provisions":
BIO President & CEO Jim Greenwood wrote in the testimony, "Sustained supportive tax policy is very important to emerging technologies that have not yet achieved commercial scale, and should be targeted at those technologies with the greatest potential to create the jobs, economic growth, energy security and environmental benefits we seek as a nation. Emerging technologies in advanced biofuels, renewable chemicals, and biobased products have tremendous potential to address the nation's challenges and are ready for commercial deployment, but simply cannot secure needed capital for first-of-a-kind biorefinery construction without government support. We urge you to extend provisions that support the scale-up of these important technologies."
BIO also thanked Rep. Brian Bilbray (R-Calif.) for his statement to the committee supporting tax parity for advanced biofuel and biorefinery technologies. BIO's submitted statement emphasized that algae biofuels and renewable chemicals provide public benefits similar to those provided by cellulosic biofuels in terms of job creation, energy security, and environmental profile. Tax policy can clear the path for their rapid commercialization.
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtech NOW, an online portal and monthly newsletter chronicling "innovations transforming our world."